Italian Pavilion at COP 28: the contribution of Intesa Sanpaolo Innovation Center

5 December 2023
Innovation Center, Circular Economy

The event "Circular Economy and Climate Change: the role of financial operators and the private sector to accelerate the transition to a regenerative economy" of December 10.

Organized in collaboration with Fondazione Politecnico di Milano e Assolombarda, which will share content on innovation related to energy transition and climate change, the event will be held from 13.30 to 15.00 at the Italian Pavilion and will be broadcasted on the YouTube channel of MASE (Ministero dell’Ambiente e della sicurezza energetica).

After the usual welcome, the meeting will immediately come alive with an institutional overview of the economy of the United Arab Emirates that, in addition to being growing, is increasingly characterized by flexibility and sustainability. In fact, the country has assumed leadership in the Middle East and North Africa (MENA) area with respect to climate, committing to zero emissions by 2050 developing a circular economic strategy with the support of Intesa Sanpaolo.

Gian Marco Salcioli - Head of Strategic Marketing & ESG Initiatives, IMI Corporate & Investment Banking Intesa Sanpaolo - will moderate the discussion on the local government programs and the agreement aimed at encouraging the achievement of the NET-objectivesZero of the United Arab Emirates confronting the Minister of Economy of the Emirates.

To follow Luca Matrone - Head of Industry Energy, IMI Corporate & Investment Banking Intesa Sanpaolo - will address the crucial role of financial support to complete the energy transition and pursue global sustainability goals with a focus on energy transition.

Finally, Massimiano Tellini will moderate the panel of experts entitled "how to facilitate and accelerate the transition to the Circular Economy and its impact on Technologies, Finance and industrial sectors (ESG and Sustainable Finance can be solutions?)".

Alberto Mancuso - Head of International Network of IMI Corporate & Investment Banking - will close the event with his conclusions, a few hours before the end of COP 28 which will develop strategies to please cooperation and dialogue between all actors involved in addressing the increasingly urgent climate challenge.

simbolo economia circolare simbolo economia circolare

The "sustainable and circular turning point" of the United Arab Emirates with the support of the Intesa Sanpaolo Group

Despite the United Arab Emirates being among the largest oil producers in the world also excelling relatively per capita greenhouse gas emissions, local institutions are promoting the energy transition through the circular economy, switching from fossil sources to renewable sources in the production of energy (electricity and heat).

A path that last October led the Emirate Ministry of Economy to sign a Strategic Master Agreement with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Intesa Sanpaolo Innovation Center to promote the circular economy in the country and create a circular ecosystem.

The agreement originates in the long commitment of the Group to the transformation of the economic-productive model, and the demonstrated ability to support startups and companies active in the Middle East that are adopting the circular economy, with a multi-stage plan. The first- focused on analysis - has already begun and also involves the CE LAB: initiative born from the collaboration between Intesa Sanpaolo Innovation Center and Cariplo Factoryc that offers circular connection, open innovation and education services to promote circular transformation.

Moreover, Intesa Sanpaolo has positioned itself as a precursor in the dissemination of the values and principles of the circular economy, and since 2016 it has been the first financial institution to become a Strategic Partner of the Ellen MacArthur Foundation: the most important think-thank in the world committed to promoting the systemic transition to the circular economy, obviously present at the UN climate summit.

Last but not least, Intesa Sanpaolo financially supports innovative and impact "circular" projects through the Circular Economy Plafond, which in the 2022-2025 Industrial Plan is 8 billion euros (plus 6 billion of the previous three-year Plan).

Intesa Sanpaolo and Intesa Sanpaolo Innovation Center at COP 28 in Dubai

To continue in the fruitful collaboration initiated with the signing of the Strategic Master Agreement, the Emirate Minister of Economy, Abdullah Bin Touq Al Marrim, directly invited the Group to participate in COP 28in order to share expertise on the circular economy.

Infact, the "circularity" is fundamental to protect the environment and to revolutionize in key greeni in the productive processes and the same enterprises, untying the profits from the uncontrolled exploitation of the natural resources with benefits for climate and companies in the short-medium term.

The COP 28 (Conference of the Parties) of the United Nations Framework Convention on Climate Change (UNFCCC) is the most important event in the world to discuss and develop action plans to combat global warming and the resulting negative environmental impacts. The summit started in Dubai on November 30 and will end on 12 December. Il will attract more than 70,000 participants (with almost 200 country delegations), including Heads of State, Ministries and State officials, as well as representatives of international organisations, academic world and civil society.

The program developed by the President of COP 28, Sultan al-Jaber, focuses on the implementation of the pillars of the Paris Agreement through an articulated strategy of action, in which the acceleration of the energy transition and the definition of climate finance are central. Key elements that will pave the way for the 2015 COP Paris promise, to contain global warming within 2 ºC at the end of the century compared to pre-industrial levels (target is 1.5 ºC).

In addition to the assessment of the progress made towards achieving the climate objectives of the Paris Agreement (Global Stocktake) and the identification of the gaps to be addressed further, new areas of action including health, peace, recovery and trade have been included in the UAE Presidency’s programme.

There will be thematic days focused on cross-cutting areas that, if interconnected, can support effective initiatives to fight climate change: technology and innovation, inclusion, frontline communities and climate finance (the economic flow from industrialized to developing countries). Into this framework fits the Italian Government's decision to contribute 100 million euros to the Loss & Damage fund). The session organized by Intesa Sanpaolo and Intesa Sanpaolo Innovation Center fits into this context.